WEC Energy Group Inc (WEC) Position Boosted by Girard Partners LTD.
Girard Partners LTD. increased its position in shares of WEC Energy Group Inc (NYSE:WEC) by 6.8% in the third quarter, HoldingsChannel.com reports. The firm owned 39,418 shares of the utilities provider’s stock after purchasing an additional 2,507 shares during the quarter. Girard Partners LTD.’s holdings in WEC Energy Group were worth $2,631,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB raised its position in shares of WEC Energy Group by 5.6% during the second quarter. Xact Kapitalforvaltning AB now owns 34,422 shares of the utilities provider’s stock worth $2,225,000 after acquiring an additional 1,831 shares during the last quarter. Atria Investments LLC raised its position in shares of WEC Energy Group by 32.2% during the second quarter. Atria Investments LLC now owns 5,637 shares of the utilities provider’s stock worth $364,000 after acquiring an additional 1,372 shares during the last quarter. Amalgamated Bank raised its position in shares of WEC Energy Group by 3.4% during the second quarter. Amalgamated Bank now owns 40,613 shares of the utilities provider’s stock worth $2,626,000 after acquiring an additional 1,324 shares during the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of WEC Energy Group during the second quarter worth $200,000. Finally, Steward Partners Investment Advisory LLC raised its position in shares of WEC Energy Group by 15.8% during the second quarter. Steward Partners Investment Advisory LLC now owns 19,295 shares of the utilities provider’s stock worth $1,247,000 after acquiring an additional 2,627 shares during the last quarter. 73.01% of the stock is owned by hedge funds and other institutional investors.
WEC has been the subject of a number of recent research reports. Deutsche Bank boosted their target price on WEC Energy Group from $67.00 to $68.00 and gave the stock a “hold” rating in a research report on Wednesday, August 1st. Zacks Investment Research downgraded WEC Energy Group from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. Howard Weil initiated coverage on WEC Energy Group in a report on Tuesday, September 4th. They issued a “sector outperform” rating and a $72.00 price objective for the company. Scotia Howard Weill initiated coverage on WEC Energy Group in a report on Tuesday, September 4th. They issued a “sector outperform” rating and a $72.00 price objective for the company. Finally, Wells Fargo & Co upped their price objective on WEC Energy Group from $71.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, September 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $70.20.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.03. WEC Energy Group had a return on equity of 11.18% and a net margin of 16.82%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the company earned $0.68 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. On average, equities research analysts predict that WEC Energy Group Inc will post 3.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Wednesday, November 14th will be issued a $0.5525 dividend. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.21 annualized dividend and a dividend yield of 3.12%. WEC Energy Group’s dividend payout ratio (DPR) is currently 70.38%.
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WEC Energy Group Profile
WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
Further Reading: Cost of Capital Explained
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